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Single best idea and a Friday, and we got through the week, maybe even got through the month of July. Remember that long ago and far away an economics, finance investment, indeed on international relations. Maybe this weekend we survive into the end of August and dash into the autumn. We did it today with good conversations. Ben Ammonds was just wonderful about what to look for at Jackson Hall all of a sudden, important speech by Chairman Powell to reset
his vision, his belief. I think that'll be a huge topic for us next week. Steven Englander I asked for four or five days ago. In his busy schedule at Standard Charter, the giant of cross rate analysis, Steven England joined us. We talked about the discreetness of the Japan events versus the Western events of slowing economies. Here is Stephen Englander of Standard Charter Bank.
I think that the you know, the big markets trade we saw in the West was basically a recession trade that the you know, anybody looking at the unemployment trade chart on Friday said, wow, this looks like every other downturn in the US. And you know, the enterployment rate's going to go up another two percentage points. You know. I think the Japanese carry trade was a big deal for Asia currencies because the weakness of the end had dragged down CNH, had dragged down Korean One all its neighbors.
And I think that the unwinding of that trade sort of, you know, unwound a lot of popular trades in the FX market. But you know, I don't think it was like a systemic force. I think it was just you know, people realizing that, you know, the the end moving means that they were wrong in.
Shorting you the broader economics from the PhD for me ol Steven England, their standard charter bank, lots of good equity voices this week. Let's take the optimistic view. Brian Belski demo capital markets yesterday just on fire. Where's the bottom? He doesn't know, he says, climb on board. And then you've got a lot of others cautious or reaffirmation from JP Morgan on their caution. Others measured all sorts of nuances in between, and then they have to write and
this is something I want to talk about here. I think it's important. One of the great great fictions is that on Wall Street people worry about what people say, and what global Wall Street knows is far more important is what people write. I can't say this enough, which is gospel is and blah blah blah like I'm Bloomberg's surveillance. Gospel is a six page note on a Tuesday, written after a four hour layover at O'Hare in Chicago. So
we really worry about what people write. Julian Emmanuel at evercore Isi writes during earning season a brilliant two page note with a one paragraph summary at the bottom of what revenue dynamics and earning dynamics are doing. It is absolutely must read on Wall Street. After this week, Julian Emmanuel evercore Isi.
When you have volatility and it wasn't just the equity markets, and it was you know, Japan's equity market was down ten percent, FX went crazy, interest rates when crazy. That kind of you know, sort of cumulative within the context of thinking about all the events in July that transpired politically, if nothing else, such that we got to a point where earlier this week everything we were thinking about virtually
everything was called into question. But you put it all together and I think you know, the reason the market responded so positively to the weekly jobless claims, you know, the most on the ground statistic is because the recession is not in sight. And frankly, what this does is what it typically does when conditions get this tight. We all know the Bloomberg Financial Conditions Index is it resets that wall of worry, and that's very important for bull markets to be feeding on.
Julian Emmanuel ever Corei on Bloomberg Financial Conditions in next something to watch there and the pros are watching the incredible dynamics between accommodative and restrictive. One of the things we've learned in the recent months with this wonderful rollout of YouTube, we've completely under not we excuse me, I have completely underestimated the international reach of YouTube. We're absolutely humbled by the statistics of the granularity that we see.
We're rolling out a whole campaign to take the Pacific rim from Jakarta and Singapore, up north to Japan and all the way over to the huge YouTube community known as India. That'll be something you'll see here in the coming week's not so much conversations. The conversations will still be very much American and Wall Street based, but we're very cognizant of the reach of YouTube. To get there, subscribe,
go search rather to YouTube, Bloomberg podcasts. Everything's under Bloomberg podcasts and search and subscribe to Bloomberg Podcasts to pick up all the great work that we're doing. We're on Apple CarPlay, Android Auto as well on Apple Podcasts. This is single best idea